Just Eat recommends final share offer of Takeway.com over final cash bid from Prosus.

Takeaway, a Dutch dot-com company specialized in online food ordering and home delivery, offered to acquire and merge with Just Eat, an online food order, and delivery service. Just Eat shareholders would own approximately 52.2% and Takeaway shareholders would own approximately 47.8% of the share capital of the combined group. The per-share price represents a premium of 15% to Just Eat's closing share price on 26 July 2019. The boards of Just Eat and Takeaway believe that the combination is a highly compelling opportunity to create a combined business that will benefit from strong leadership positions in many of the world's largest food delivery markets, including the United Kingdom, Germany, the Netherlands, and Canada. On Oct. 22, 2019, Prosus, the international internet assets division of Naspers, made a counter bid to buy Just Eat. The offer was rejected. Prosus increases its offer from 710 pence to 740 pence per share. On Dec. 19, 2019, Prosus offered 800 pence in cash for each Just Eat Share, resulting in $7.16bn EV. After this Takeaway proposed new all-share bid that would leave Takeaway shareholders with a 42.5% stake in the combined company, down from 48%. The Takeaway bid valued Just Eat shares at 916 pence each based on Takeaway share price on December 18. “This offer is a full offer, and on top of that, we believe it provides Just Eat shareholders with tremendous upside. The all-share combination establishes the largest global platform in online food delivery outside China and allows shareholders of both Just Eat and Takeaway.com to benefit from significant long-term value creation,” Jitse Groen, Takeaway CEO. "Just Eat is a quality business, which we believe has all the ingredients to be transformed into a long-term sector winner. In recognition of this potential, we have decided to increase our offer to 740 pence per share, which we believe provides Just Eat Shareholders with compelling value and therefore good reason to accept our all-cash offer. Unlike the Takeaway.com Offer, which relies on shares remaining at an above sector multiple, our cash offer provides certainty of value to Just Eat Shareholders. We urge shareholders to accept our offer, as it is the only one that delivers certainty in the face of undeniable industry change," Bob van Dijk, Prosus Group CEO. Just Eat recommended the final share offer of Takaway.com over final cash bid from Prosus.